The income and expenditures statement is a summary of actual income and expenditures over a specific point of time.

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The income and expenditures statement, also known as an income statement or profit and loss statement, is a summary of actual income and expenditures over a specific point of time, typically a month, quarter, or year. It is used to determine the profitability of a business or organization during that period.

The Income and Expenditures Statement Is a Summary of Actual